The UK-based bank carried out an Overseas Derivative Instrument (ODI) transaction worth $5 million through the foreign portfolio investment route from its GIFT City branch, the top management of the lender and the International Financial Services Authority (IFSCA) said to ET.
Under this arrangement, trades will be routed to NSE International Exchange (NSE IX) GIFT City from the SGX for trading and execution. This is a big step forward in GIFT City s journey to emerge as a leading international financial service centre and will significantly increase trading volumes and liquidity in GIFT, attracting more investors, traders, and market intermediaries.
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The South Asia Cluster Chief Executive Officer for Standard Chartered, Zarin Daruwala, is currently being hosted by Standard Chartered Sri Lanka. With the focus of further deepening the Bank’s long-standing strategic partnership with the nation’s public and private sectors and help support the nation towards rebuilding its economic prosperity, Zarin is due to hold discussions.